What Will President Trump Do for Our Blockchain Industry?
It is said that the British never had a violent revolution, therefore do not have a written constitution, because the Isles, so surrounded by water, lacking any real threats of land invasion, allowed the people to be free.
Today, in that old British tradition, the people of America have successfully undergone a peaceful revolution with truly not one shot being fired. For this achievement, much of the free and uncurated internet is celebrating the elevation of the most powerful man on earth of the first ever American president to hold no previous political or military position.
It is the win of their candidate, the people’s candidate, they celebrate. When the media, unashamedly and utterly disgracefully, became Pravda, something few will ever forget, and the detached elitist ivory towers daily disavowed Trump, the people cheered him on. When his own party turned against him, the people flocked to Trump tower to show their support.
In their tens of thousands, they went to his rallies where he daily spoke to them, talked to them, heard them. They, in turn, looked in amazement and wondered whether it is all real, whether he can truly win.
We are told this is an earthquake, but anyone with any intellect could clearly see that the American people would elect their chosen candidate for the free internet was a constant Trump party with lovers of freedom, such as Julian Assange, standing up, once more, for the people, in revealing shocking evidence of absolute corruption, moral degeneracy, and more sinister activities.
Will Trump Really Make America Great Again?
It is tempting now, for some, to say they’ve done their part and this is where politics ends, but in my view, it is very much not even the beginning for Trump now has a decision to make, probably the most important of his life. Will he, like Obama, choose to betray the people to whom they both promised the world or will he do what politicians almost never do and keep his promises?
Although for Obama the first choice, whether intentionally or otherwise, might have been easy, for Trump it would be the second time this generation has been deceived, placing the system of democracy itself into question and making people ask, what do we do now?
It may, therefore, be easier for him to do what he said he will. Although for some of his aims it would be easier to pierce a mountain with bear hands than achieve them, there are some areas where he alone has full say.
In his first act, Trump could, should and perhaps must, pardon and free a number of individuals that have given up so much for our liberties. Starting with Manning, Assange and Snowden, an act that would probably have cross-political appeal.
Equally, he does have the power with a stroke of his pen to shut down mass surveillance which has caught no crime. With these two acts, thus, indicating that he will revert the policies of the past fifteen years and return liberties to the free people.
Moreover, the republicans control the house, so his tax policies, perhaps watered down somewhat, will likely go through. On regulation, likewise, he has much say, especially regarding the actions of federal agencies. The rest would probably take time and much political capital, so it’s probably best left for after the stated actions.
On foreign policy, of course, he has almost unencumbered power, but negotiations with China, specifically, may be quite a spectacle. However, we may find the Chinese to be far more accommodating than expected since they too would probably like to become a rich society which can only be established by opening their markets to foreign competition and by enforcing property rights as well as complying with international market rules based on academic thinking.
Blockchain Innovation Will Now Likely Accelerate
America’s bureaucracy halls may now finally start moving as the new administration is likely to be far more accommodating to the blockchain space. Specifically, regarding regulations, America may now enact a sandbox, treat digital currencies as money for tax purposes, hopefully, get rid of the disastrous Bitlicense, streamline regulation across the 52 states, and overall take a British attitude to blockchain innovation.
The language of “responsible innovation,” which suggests that we are somehow irresponsible, may, therefore, hopefully, be replaced with that of a “beautiful friendship,” making regulators not just accommodating, but cheerleaders of this space.
Although Trump himself, so being 70, probably has little knowledge of the cutting edge work we do, the people that likely have his ear are probably very friendly to this space. Milo Yiannopoulos, for example, who strongly campaigned for Trump, is a bitcoiner, as is Mike Cernovich who told me that he wouldn’t be surprised if Trump’s sons have bitcoins.
More ideologically, the conservatives and Republicans appear to be more friendly to Hayek’s idea of free market money issued by private entities or, in this technological age, issued in a decentralized manner, and more aligned with the Austrian school of economics.
To illustrate the case, George Osborn, the former Conservative Chancellor, was the first high-ranking politician to own a bitcoin in an astute move in 2014 that may have significantly contributed towards London’s crowning as the Fintech Capital of the World. The Republicans are likely to take the same approach.
Innovation in this space, therefore, is likely to considerably accelerate as federal agencies take steps to promote blockchain technology and Fintech more generally with probable government initiated test pilots for record keeping or, perhaps, even payments.
Atlantic Political Alignment
The two great free nations that have been drivers of economic prosperity for, now, centuries are once more politically aligned for the first time in almost 40 years when Regan ruled America and Thatcher ruled Britannia.
What followed was an unprecedented time of global peace when the free world had no state enemy with a number of market reforms undertaken which provided an economic boom for more than two decades.
It may well be the case that now, once more, structural reforms are undertaken which return power to the market and, therefore, create economic prosperity, bringing a new optimism, especially in combination with an end to global wars.
A new era, therefore, is here as a new generation now rises to take control from elites that have enacted the disastrous policies of the past fifteen years and correct course away from wars and towards scientific and economic ambitions.
As such, we may really and truly make America and the World great again and make the blockchain space even greater as freedom, finally, returns.
Disclaimer: The views expressed in the article are solely that of the author and do not represent those of, nor should they be attributed to CCN.com.
Images from Shutterstock and the Guardian.
